Price change (24h):
0.04%
High (24h):
$0.995461
Low (24h):
$0.991743
Volume (24h):
$195.43K
Market Cap:
$27.77M
All Time High:
9.95% $1.10
Apr 14, 2026
All Time Low:
3% $0.96
Nov 4, 2025
0.00 %(1Y)
$0.993403
Price change (24h):
0.04%
High (24h):
$0.995461
Low (24h):
$0.991743
Volume (24h):
$195.43K
Market Cap:
$27.77M
All Time High:
9.95% $1.10
Apr 14, 2026
All Time Low:
3% $0.96
Nov 4, 2025
MUSD is a Bitcoin-backed stablecoin launched in 2025, operating on the Ethereum platform.
The protocol lets Bitcoin holders mint a dollar-pegged asset without liquidating their underlying collateral. Borrowers deposit BTC into a collateralized debt position, securing a fixed-rate loan. This mechanism directly addresses the chronic illiquidity of long-term BTC holdings by offering loan-to-value ratios up to 90%. The system stays comfortably over-collateralized, running above 110% overall and typically above 150% for user positions.
MUSD operates on the Ethereum network, with identical contract instances deployed on Base and the Mezo network. The issuance and redemption processes rely on smart contracts rather than a separate blockchain consensus mechanism.
The token adheres to the ERC-20 standard, ensuring broad compatibility with Ethereum’s decentralized finance infrastructure. Smart contracts enforce rigorous over-collateralization thresholds—system-wide minimum of 110%, with typical borrowers maintaining cushions above 150% to stave off liquidation. Should a position dip below the collateral floor, automated liquidation instantly offloads the BTC to cover the outstanding MUSD debt.
The project emerged from the Mezo ecosystem in 2025, published under the Mezo organization’s documentation. The GitHub repository shows a compact development footprint, collecting a modest 17 stars. Trading activity coalesces around 15 pairs spread across 9 exchanges, signaling an early but structured market presence.
The mission targets a fundamental disconnect: Bitcoin’s massive store of value sits inert outside programmable finance. By locking BTC and minting MUSD, the protocol engineers a trust-minimized bridge that releases that latent capital into Ethereum’s lending, trading, and yield arenas. No centralized custodian intermediates the process.
Within the Mezo CDP engine, MUSD acts as the debt unit that users incur against their Bitcoin deposits. The token can be redeemed at any time for the underlying BTC at the peg, with arbitrageurs smoothing price deviations. Whenever a vault breaches the minimum collateral ratio, the liquidation mechanism seizes the BTC, sells it, and extinguishes the MUSD liability to preserve full backing.
Borrowers mint MUSD to obtain dollar-denominated liquidity while retaining upside exposure to Bitcoin. Arbitrageurs continuously scan the order books for peg misalignments, redeeming or minting the token to capture risk-free spreads. Traders deploy the stablecoin across the 11 active markets to execute treasury management strategies and basis trades.
MUSD has a maximum supply of 50,000,000 tokens. Currently, 20,391,553.83 are in circulation. With a market capitalization of $20,462,597.00, MUSD ranks #850 among all cryptocurrencies.
| Date | Open | Close | High | Low |
|---|---|---|---|---|
| 08/07/2026 | $0.99 | $0.99 | $1.00 | $0.99 |
| 07/07/2026 | $0.99 | $0.99 | $1.00 | $0.99 |
| 06/07/2026 | $0.99 | $0.99 | $0.99 | $0.99 |
| 05/07/2026 | $0.99 | $0.99 | $1.00 | $0.99 |
| 04/07/2026 | $0.99 | $0.99 | $0.99 | $0.99 |
| 03/07/2026 | $0.99 | $0.99 | $0.99 | $0.99 |
| 02/07/2026 | $0.99 | $0.99 | $1.00 | $0.99 |
| 01/07/2026 | $0.99 | $0.99 | $0.99 | $0.99 |
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